TimeLine | The proposed UK orange and T-mobile merger February 3, 2010 September 2010 Likely date of actual merger. June 2010 The two companies hoped to conclude a tie-up. 1 March 2010 Revised European Commission review deadline. 15 February 2010 Original European Commission review deadline. 3 February 2010 OFT requests UK review of merger. 14 January 2010 OFT commenced consultation on whether to review the UK aspects [...]
Fears over bad loans hit Spanish banking stocks February 3, 2010 FEARS over Spain’s banking system rose yesterday, with growing fears about the extent of the banks’ bad loan portfolios. Analysts at JP Morgan, Ignacio Cerezo and Andrea Unzueta, warned in a research note there could be some nasty surprises to come. Commenting on BBVA, which reported a 94 per cent decline in earnings last week, JP Morgan’s [...]
Carpetright sales slow on snow chaos February 3, 2010 Carpetright, Britain’s biggest floor coverings retailer, saw sales growth slow in the three months to January, missing forecasts as trade in the early part of 2010 was hit by heavy snow and sub-zero temperatures. The firm’s stock fell three per cent to 943p, making it the top midcap loser, though chairman and chief executive Lord [...]
Partygaming boosted by poker punters February 3, 2010 INTERNET gaming firm PartyGaming yesterday said fourth quarter revenues rose 32 per cent compared with a year earlier and 17 per cent compared with the previous quarter; generating almost £279m for 2009. Finance director Martin Weigold said he expects sales and profit to post “double-digit” gains this year, excluding acquisitions. The group predicts a profit [...]
BEST OF THE BROKERS February 3, 2010 BSKYB ING advises investors to “buy” BSkyB shares citing its “decent financials” and strong operating metrics despite the consumer recession. Believes its recent results indicate it’s a company for “BT to worry about”. Says the shares are “too cheap by far,” and that the market is underestimating its growth plans. Expects it to grow more [...]
Flurry of deals gives private equity new hope February 3, 2010 A RETURN to buoyancy for private equity could be just around the corner following a flurry of deals that promises to give new hope to an industry left treading water at the end of 2009. Yesterday Jon Moulton’s Better Capital fund announced its inaugural deal, buying aerospace supplier Gardner Group for £20m. It is the [...]
PERFORMANCE JITTERS February 3, 2010 PERFORMING arts school group Stagecoach Theatre Arts said yesterday it endured a tough past six months as the downturn continues to put pressure on families’ discretionary spending. The group’s pre-tax profit fell 20 per cent to £267,000 over the first half, though this mainly reflected a write-back of provision in the prior period.
CITY MOVES | WHO’S SWITCHING JOBS February 3, 2010 GLG Partners The asset management group has appointed Raffaele Costa as its new co-head of marketing. Costa, 40, has worked at GLG since it was founded in 1995, when he joined as a portfolio manager specialising in US and European equities. Prior to that, he was at Goldman Sachs. Costa will now work alongside co-chief executive [...]
Kraft seeks $4bn to pay for Cadbury February 3, 2010 KRAFT, the US food group, will raise at least $4bn (£2.5bn) in the debt markets to fund its £11.7bn acquisition of UK rival Cadbury, according to people close to the matter. The fundraising will consist of four tranches, each at least $1bn in size. The tranches will have maturities of 3¼, 6, 10 and 30 [...]
Santander see UK profits surge February 3, 2010 THE UK operations of Spanish banking giant Santander saw full-year profits leap 55 per cent in 2009 as the group grew its share of the mortgage market and signed up more than expected new customers to its bank accounts. Pre-tax profits hit £1.54bn for the year to 31 December with new acquisitions Bradford & Bingley [...]